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Rising Tensions Leave Ships Stranded in Key Oil Passage

Traffic through the Strait of Hormuz ⁠was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply. Greece’s Minister of Maritime Affairs and Insular Policy, Vassilis Kikilias, has raised urgent concerns over an increasingly alarming situation in the Strait of Hormuz, where dozens of vessels remain stranded amid escalating conflict involving Iran. He emphasized the need to safeguard global shipping and protect seafarers as the strategic waterway—responsible for roughly 20% of global oil and gas flows—remains closed for a fourth consecutive day.  The closure has disrupted international trade routes and heightened anxiety across the maritime sector. Greek authorities have urged shipowners to exercise maximum caution and avoid high‑risk zones in the wider Persian Gulf region as tensions continue to rise. The prolonged shutdown underscores the vulnerability of global supply chains to geopolitical instability and highlights th...
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Wall Street Slips to Start 2024 and Gives Back Some of Last Year’s Big Gains

 


The stock market started the year on a negative note, with Wall Street slipping and giving back some of last year’s big gains.

Futures for the S&P 500 lost 0.8% before the bell on the first trading day of 2024, while futures for the Dow Jones Industrial Average slid 0.7%. The S&P 500 slipped 13.52 points, or 0.3%, to 4,769.83. The benchmark index still posted a rare ninth consecutive week of gains and is just 0.6% shy of an all-time high set in January of 2022.

The Dow Jones Industrial Average fell 20.56 points, or 0.1%, to 37,689.54 after setting a record Thursday. The Nasdaq slipped 83.78 points, or 0.6%, to 15,011.35, but that was barely a blemish on an annual gain of more than 43%, its best performance since 2020.


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